ACTIVE

SAL International Ground Handling Belgium

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Financial year 2025 · Closed on 31/12/2025

Net result-98,1 k €-103,2 %over 1 year

Revenue24,3 M €-15,2 %over 1 year

Equity9,6 M €-1,0 %over 1 year

Workforce207,2 ETP+16,3 %over 1 year

Identity

Source · BCE/KBO

SAL International Ground Handling Belgium is a Public limited company incorporated in 1992. Its main activity is: Service activities incidental to air transportation. Its registered office is in Grâce-Hollogne. It employs on average 207,2 ETP workers (FTE).

Legal situation: Normal situation
BCE/KBO no. / VAT: BE 0449.093.172
Incorporation: 14/12/1992
Legal form: Public limited company
Registered office: Aéroport de Liège SN
4460 Grâce-Hollogne · WallonieSee on map
Contributed capital: 1 500 000,00 €
Latest accounts: 31/12/2025
Average workforce: 207,2 ETP

Activities (NACE)

52230Service activities incidental to air transportation· main 52230Service activities incidental to air transportation

Joint committees (2)

Signals

Solid equityLow riskGood liquidityPositive cashflowPositive EBITDAHigh revenue

Financials

Source · NBB, 20 filings

Trend over 16 financial years

	2025		2024		2023		2022		2021
Income statement
Revenue	24,3 M €	-15.2%	28,7 M €	+11.0%	25,8 M €	+12.6%	22,9 M €	+6.4%	21,6 M €
EBITDA	9,6 k €	-99.7%	3,3 M €	+8.3%	3 M €	+356%	661,6 k €	-64.8%	1,9 M €
Operating result	-339,6 k €	-110%	3,2 M €	+16.4%	2,8 M €	+361%	603,5 k €	-64.4%	1,7 M €
Net result	-98,1 k €	-103%	3 M €	+3.5%	2,9 M €	+435%	549,3 k €	-67.5%	1,7 M €
Balance sheet
Equity	9,6 M €	-1.0%	9,7 M €	+45.5%	6,7 M €	+78.4%	3,8 M €	+17.2%	3,2 M €
Total assets	19,3 M €	-5.8%	20,5 M €	+30.1%	15,8 M €	+38.5%	11,4 M €	+21.4%	9,4 M €
Cash	3,4 k €	+128%	1,5 k €	-49.2%	2,9 k €	-56.6%	6,7 k €	+386%	1,4 k €
Debts	9,6 M €	-9.9%	10,7 M €	+20.3%	8,9 M €	+19.3%	7,4 M €	+25.6%	5,9 M €
Other
Workforce	207,2 ETP	+16.3%	178,2 ETP	+1.2%	176,0 ETP	+2.7%	171,3 ETP	+0.5%	170,5 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€

See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

1 active · 35 ended

Active mandates

Richard Prince

Director · since 01 décembre 2024 · until 16 mai 2031

Active

Ended mandates

Patrick Minsart

Managing director · since 28 décembre 2023 · until 31 juillet 2025

Ended

Patrick Minsart

Managing director · since 28 décembre 2023 · until 25 mai 2029

Ended

Aviapartner Belgium

Managing director · since 12 avril 2021 · until 20 mai 2027 · 0404.529.392

Represented by Pieter Van Den Nieuwenhuizen

Ended

Maurits Beerepoot

Director · since 11 septembre 2020 · until 21 mai 2026

Ended

Full financial information

Source · NBB

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	22/07/2026	09/12/2025	16/12/2024	03/08/2023	30/06/2022	08/11/2021
General meeting	30/06/2026	28/11/2025	16/12/2024	28/06/2023	30/06/2022	27/10/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 20 filings

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	30/06/2026	22/07/2026	French	PDF
Full model	31/12/2024	28/11/2025	09/12/2025	French	PDF
Full model	31/12/2023	16/12/2024	16/12/2024	French	PDF
Full model	31/12/2022	28/06/2023	03/08/2023	French	PDF
Full model	31/12/2021	30/06/2022	30/06/2022	French	PDF
Full model	31/12/2020	27/10/2021	08/11/2021	French	PDF
Full model	31/12/2019	01/06/2021	07/06/2021	French	PDF
Full model	31/12/2018	24/10/2019	25/10/2019	French	PDF
Full model	31/12/2017	27/05/2019	18/06/2019	French	PDF
Full model	31/12/2016	27/05/2019	18/06/2019	French	PDF
Full model	31/12/2015	27/10/2016	26/11/2016	French	PDF
Full model	31/12/2014	02/11/2015	05/04/2016	French	PDF
Full model	31/12/2013	23/04/2015	07/09/2015	French	PDF
Full model	31/12/2012	23/04/2015	19/08/2015	French	PDF
Full model	31/12/2011	18/05/2012	26/06/2012	French	PDF
Full model	31/12/2010	23/09/2011	11/10/2011	French	PDF
Full model	31/12/2009	20/05/2010	03/06/2010	French	PDF
Full model	31/12/2008	17/07/2009	23/09/2009	French	PDF
Full model	31/12/2007	15/05/2008	13/06/2008	French	PDF
Full model	31/12/2006	18/05/2007	20/06/2007	French	PDF

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 5 M€ and 10 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Board of directors

Source · NBB, accounts to 31/12/2025

1 active · 35 ended

Active mandates

Richard Prince

Director · since 01 décembre 2024 · until 16 mai 2031

Active

Ended mandates

Patrick Minsart

Managing director · since 28 décembre 2023 · until 31 juillet 2025

Ended

Patrick Minsart

Managing director · since 28 décembre 2023 · until 25 mai 2029

Ended

Aviapartner Belgium

Managing director · since 12 avril 2021 · until 20 mai 2027 · 0404.529.392

Represented by Pieter Van Den Nieuwenhuizen

Ended

Maurits Beerepoot

Director · since 11 septembre 2020 · until 21 mai 2026

Ended

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

Mandates24/08/2026
DENOMINATION, STATUTS (TRADUCTION, COORDINATION,
PDF
Mandates04/02/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates09/07/2025
CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS
PDF
Mandates28/02/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates27/05/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates01/10/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates27/11/2020
DEMISSIONS, NOMINATIONS
PDF
Mandates20/08/2020
DEMISSIONS, NOMINATIONS
PDF

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A company's peers, by sector and size, are included in the Business plan.

See the Business plan

Timeline

2025
Annual accounts 2025-98,1 k €↓
2024
Annual accounts 20243 M €↑
2023
Annual accounts 20232,9 M €↑
2022
Annual accounts 2022549,3 k €↓
2021
Annual accounts 20211,7 M €↑
2020
Annual accounts 2020368,3 k €↑
2018
Annual accounts 2018-1,7 M €↓
2017
Annual accounts 2017-829,9 k €↓
2016
Annual accounts 2016-759,8 k €↓
2015
Annual accounts 2015571,4 k €↑
2014
Annual accounts 2014107,2 k €↑
2013
Annual accounts 2013-1,3 M €↓
2012
Annual accounts 2012592,5 k €↑
2009
Annual accounts 2009-62,7 k €↓
2007
Annual accounts 2007372 k €↑
2006
Annual accounts 2006371,5 k €
14/12/1992
IncorporationPublic limited company

SAL International Ground Handling Belgium

Overview

Identity

Financials

Valuation

Indicative valuation

Board of directors

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline

Timeline